DraftKings co-founder Matt Kalish steps down in March 2026

• DraftKings co-founder Matt Kalish will step down from his executive role in March 2026 but will remain on the board.
• Q3 2025 revenue grows 4.4% year-on-year to $1.144 billion, driven by iGaming gains.
• DraftKings plans to launch DraftKings Predictions sports event markets to expand its product offerings.

Leadership transition

DraftKings co-founder and president Matt Kalish will move on from his executive role on 31 March 2026. Despite stepping back from day-to-day management, Kalish will continue to contribute as a member of the board.

Jason Robins, CEO of DraftKings, commented:

“Matt Kalish has been my partner, along with Paul Liberman, in building DraftKings from day one. Matt’s impact on DraftKings and on all of us has been tremendous.

“I’m grateful he’ll stay with us through the end of March and continue to serve on our Board of Directors following the transition. His guidance and insights will remain a valuable part of DraftKings as we grow further and innovate for the future.”

Since co-founding DraftKings in 2012, Kalish has played a crucial role in scaling the company, including leading the launch of the first legal online sports betting platform outside Nevada in New Jersey. He previously served as Chief Revenue Officer before becoming president in 2020.

Kalish is credited with driving product innovation and consumer engagement by expanding sports and game offerings, while maintaining a strong focus on customer protection and responsible gaming.

Q3 2025 financial performance

DraftKings reported steady revenue growth for the third quarter of 2025, with total revenue reaching $1.144 billion, a 4.4% increase compared to the same quarter last year.

This growth was largely supported by a 25% rise in iGaming revenue to $451.3 million. Conversely, sportsbook revenue declined by 9.3%, down to $596.1 million. The company posted a net loss of $257 million for Q3, an improvement from prior losses.

Plans for prediction markets launch

Looking ahead, DraftKings outlined plans to enter the sports event prediction markets with a new product titled DraftKings Predictions.

CEO Jason Robins described the launch as a key growth driver, targeting states without existing sportsbooks. The new product aims to complement existing offerings rather than cannibalise them.

“We are excited about our pending launch of DraftKings Predictions and its potential to expand our total addressable market in the coming months. This new product will initially target states without DraftKings sportsbooks and provide a significant incremental revenue opportunity rather than cannibalising existing products,” Robins said for CNBC.

Strategic growth and future outlook

Beyond product expansion, DraftKings has strengthened media partnerships with ESPN and NBCUniversal to broaden market reach. Integration with ESPN’s digital platforms is scheduled for December 2025.

DraftKings will be fully integrated into ESPN’s platforms, featuring a dedicated betting tab within the ESPN app and incorporating daily fantasy sports.

Sources: iGaming.org, CNBC